MEOG - Middle East Oil & Gas

US charges three more tankers with busting oil price cap sanctions, warns 30 more companies

The US Office of Foreign Assets Control (OFAC) has charged three more UAE-flagged tanker with busting sanctions by ignoring the $60 oil price cap and has issued warning letters to 30 more shippers operating more than 100 vessels.

ADNOC Drilling forms tech JV as parent continues expansion

ADNOC Drilling and Alpha Dhabi agreed to a 51:49 JV deal, with the new entity formed to acquire ‘technology-enabled companies, enhancing ADNOC Drilling’s capabilities”, according to state media outlet WAM.

Vitol’s Petrol Ofisi strikes deal to acquire BP’s petrol station operations in Turkey

Aramco reports Q3 results, announces tight gas output

Aramco records another $30bn-profit quarter as it makes its first additional dividend payment and announces first tight gas at South Ghawar.

Iran discussing ‘bigger gas deal’ with Turkmenistan, says oil minister

Iran is in talks with neighbouring Turkmenistan to hammer out a “bigger gas deal,” Oil Minister Jawad Owji said, amid efforts to overcome a chronic gas shortage that intensifies during cold months.

Iran’s oil output maintains monthly surge, OPEC report shows

Iran’s crude oil production inched up in October, keeping its upward trend throughout the whole year, the latest report of the Organization of the Petroleum Exporting Countries (OPEC) showed.

National Iranian Oil signs deal to make homegrown tools for directional drilling

National Iranian Oil has inked a deal with local firms to develop rotary steerable systems, crucial for directional drilling for unconventional horizontal oil wells. The company calls the technology a game-changer.

Iran lacks technology, investment to boost oil output, IFPI says

Iran is struggling with a lack of technology and insufficient investment to enhance production from its oil fields, the secretary general of the Iranian Federation of Petroleum Industry (IFPI) has said.

Iraq nears oil agreement in Kurdistan region, aiming to boost federal revenues

Iraqi Oil Minister Hayan Abdul Ghani has expressed confidence in reaching an agreement with the Kurdistan regional government and various international oil firms to restart oil production from the region's fields.

East Mediterranean gas development little affected by Gaza war

Efforts by Chevron Corp. to move forward with plans to develop its gas assets in the East Mediterranean have for now avoided the impact that the war in the Gaza Strip is having on the thin slice of land running between Israel and Egypt.

Turkish power generator Karpowership to start supplying South Africa electricity in 2024

Turkey’s power generator Karpowership, which has the world's largest fleet of floating power stations, expects to start producing 450 MW of electricity in South Africa in 2024.

Iran’s NIOC signs deals with local firms for gas well drilling in South Pars

The National Iranian Oil Co. (NIOC) has signed a deal with four local companies to drill 35 new wells in the South Pars gas field, the NIOC head said .

Iran’s crude output edges up in October, Platts study shows

A slight increase in Iran’s daily crude output pushed up OPEC production in October, a survey by oil-index publisher Platts has found.

PetroChina to become operator of West Qurna-1 as ExxonMobil departs

State-owned PetroChina will replace US super-major ExxonMobil as operator of the West Qurna-1 field development project in south-east Iraq, following the agreement of a deal with the local government.

Iran advances offshore refinery project, aiming to boost oil sales away from sanctions

Iran oil exports to China on rise in defiance of US sanctions

China has become the major destination for the flow of Iranian oil in recent years in the wake of a “maximum pressure” campaign launched by former US president Donald Trump in 2018 that targeted Iran’s economy, including its petroleum exports.

MEOG: Lukoil extends WQ-2 contract

Oil companies say “no” to Iraqi Kurdistan oil exports via Turkey while overdue payments remain unresolved

Lukoil extends West Qurna-2 deal to continue raising output

Russia's Lukoil last week extended its technical service contract (TSC) for the West Qurna-2 oilfield project in south-east Iraq for a further 10 years to 2045.

Iran to begin shale oil extraction soon, says NIOC

Iran is set to develop its own shale oil industry by tapping into reserves in the western Lorestan province, the exploration head of the National Iranian Oil Co. (NIOC) said.

Saudi, Russia to stick with voluntary output cuts

Saudi Arabia and Russia this week confirmed that they will extend their additional voluntary oil production restraint until the end of the year.

Saudi Arabian decisions point to oil demand concerns

Two recent decisions by Saudi Arabia have seemingly indicated a point of concern over the state of oil demand, despite indicating a steady crude oil market outlook overall.